Advice re buying our rented house

firsttimebuyers_2

My partner and I are interested in buying the rented house we currently live in from the landlord, who is an ex work colleague and friend (although not really close friend).

Can anyone give me advice on how I should go about getting a fair price for it? The current owner purchased the house about a year ago, which they gutted and renovated, including adding double glazing. They are now keen to sell the house. We are first time buyers and do not wish to get ripped off.

Because there would be no estate agency fees, and it would be a quick sale with no chain, I feel that we should get some sort of discount, but have no idea how to value this.

Any help would be greatly appreciated.

Thanks.

poppy10_2

First off, you can check how much the landlord paid for the property on NetHousePrices.

How much are you paying in rent at the moment?

Debt_Free_Chick

I don't think what he paid is relevant. It needs to be valued in its present condition.

The only way to get a feel is to ask two or three local EAs to suggest a value and go from there.

firsttimebuyers_2

Thanks, do you think that EA's would value the property for me, or would I have to pretend I own the house and am selling?!

Phirefly

I don't want to bore the board AGAIN with my story but I have been through this, come out the other side with success and I don't think there's much about buying your rented house from the landlord that I haven't been through.

You will find a wealth of info if you search my previous posts (earlier pages mostly) but here is a good starting place.

Feel free to PM me with any specific questions.

Good luck

Phirefly

And here. Lordy I have bored you all relentlessly haven't I

Phirefly

Specifically, step one, find recent sold prices of similar properties nearby and if this still doesn't give you a good indication, yes, get an EA round for a valuation and pretend its yours.